The new OPEB accounting standards are similar to GASB 67 and 68, which govern accounting for pension benefits:

Unfunded OPEB liabilities will be recognized on the face of an agency's financial statements

A 20-year Municipal Bond rateis used to discount unfunded benefit payments and the long-term rate of return on plan investments is used to discount benefits projected to be paid by plan assets --- this will increase reported liabilities for agencies not pre-funding OPEB benefits

Use of the Entry Age actuarial cost method is required

Extensive note disclosures and required supplementary information must be presented

These are accounting standards and do not require that OPEB benefits be funded